NEW YORK (Standard&Poor's) Jan. 6, 2015--Standard&Poor's Ratings Services said that it lowered its long-term ratings on J.P. Morgan Securities Inc. series 4038 puttable tax-exempt receipts and derivative inverse tax-exempt receipts relating to Washington Health Care Facilities Authority series 2011A revenue and refunding bonds (Catholic Health Initiatives) to 'A/A-1' and 'A' from 'A+/A-1' and 'A+', respectively. This action follows Standard&Poor's Dec. 13, 2014 lowering of its rating on the underlying bonds to 'A' from 'A+' (See "Catholic Health Initiatives, CO Debt Ratings Lowered To 'A' Due To Sizable Loss; Outlook Negative," published on Dec. 15, 2014 on RatingsDirect). The long-term component of the ratings on the PUTTERs and DRIVERs is based on the rating on
